Runaway Amanah Globlex Scam Leaves Victims with No Recourse

Social media provides users with useful information, while it is also a breeding ground for investment fraud. Individuals and entities of social media are located in different jurisdictions around the world and are subject to different legal requirements, which is where financial scammers can exploit legal loopholes and evade regulators. Many BrokersView users who have experienced investment scams say they were scammed after seeing fake ads posted by scammers on Facebook or in Telegram groups, and so did a victim of the scam Amanah Globlex.

Amanah Globlex victim's experience

In July of this year, the victim became interested in Amanah Globlex after seeing the broker on Facebook and clicked on a link attached to the advertisement to get in touch with the criminals running the scam.

The scammer enthusiastically described to the victim how to invest with Amanah Globlex and presented a straightforward picture of the profits that could be realized from each investment option.

According to the scammer, different amounts of money were required to invest in different "currencies" offered by Amanah Globlex - RM350 to invest in Vietnamese dong, with an expected return of RM580; RM760 to invest in Thai baht, with an expected income of RM1,260.

What's more, RM1,260 to invest in Singapore dollars to earn RM1,260; an investment in the U.S. dollar requires RM3,400, expecting to earn RM5,700; investment in pounds sterling is the most expensive, the need for RM7,100, but it can be income of RM13,600.

But Forex investors know that foreign exchange is traded in pairs, such as investment in GBP/USD, EUR/USD, AUD/USD, and other currency pairs, and here is no investment in a single currency. So the so-called "investment plan" provided by the fraudster is full of flaws from the beginning.

Unfortunately, the victim did not recognize the scam and chose to deposit RM500. Not long after, the victim realized that the "investment" was profitable, but the withdrawal was not easy. Since the administrator of Amanah Globlex asked him to pay a "withdrawal fee" amounting to RM9,800, without which he would not be allowed to withdraw his funds.

The victim transferred a total of RM9,799 to the company as requested, but to his surprise, not only did he not receive his investment profit, but he was removed from the WhatsApp group chat and blocked by the scammer.

According to a screenshot provided by the victim, the broker also asked users to upgrade the so-called "API Rate Limit" on a page for currency exchange. Please note that the Forex API in Forex trading is simply a tool used to access market data and has nothing to do with withdrawals.

Amanah Globlex on Social Media

According to the information on the website of the scam Amanah Globlex, we find that the broker claimed to have accounts on Facebook and Telegram. However, judging by the victims' experiences with the scam, this scammer also runs WhatsApp group chats.

Searching for the company on Facebook, we found several related accounts, with most of them stopped updating. The company's website is currently inaccessible, but the scammer had previously used Facebook to lure victims.

BrokersView reminds you

Judging by Amanah Globlex's Facebook account and website, the scammer has disappeared with the ill-gotten money. However, scammers who have been unjustly enriched don't leave the marketplace just because a scam closed. They often change their names and make a comeback with a new name, a new website, and new social media accounts.

Can't tell if a broker is a scam like Amanah Globlex? It's okay because it doesn't mean you can't avoid being scammed. No matter what kind of trader you come across, remember to check the company's regulatory information. While you can't avoid all risks by working with a regulated broker, you're bound to end up getting ripped off if you work with a regulated broker.

Traders may search a broker's name if they want to find out the regulatory status of the broker.